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Completion of Financing Agreement Between FMG and Chinese Company

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Australia's third largest mine group FMG announced the completion of financing agreement with the Chinese company for eight super large mining ships.

The agreement is the largest direct financing transaction between Australian non funded enterprises and China's major financial institutions. The financing amount is 85% of the cost of super large mining (used in 128 m3 blast furnace)ship construction, for a period of at least 12 years, the terms are very flexible, including the early repayment or extend the financing period. At the time of delivery of the mine vessel, 85% of the construction fee paid is recovered through the use of finance lease payments.

"This partnership, which is a groundbreaking financing deal, is our first direct financing from China's leading financial institutions.We will build and expand the valuable partnership with China and to further strengthen FMG's capital base," said Panavia, the CEO of FMG.

Super large mine is constructed in Chinese shipyard, the first super large mine will be delivered in November 2016, and the rest will be delivered in 2018. The super large mine will be optimized according to FMG port infrastructure, which will increase shipping speed & efficiency of mineral used in nickel iron blast furnace  and reduce operating costs, all of which will account for 12% of FMG's total shipments.

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